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BNP Paribas loses 6.2 billion in deposit of Allianz Popular funds

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The integration of Allianz Popular in Santander continues, although this process has caused significant collateral damage in BNP Paribas. The French has lost almost 6,200 million euros in deposit of the funds of the first, the ‘joint venture’ inherited from Popular that Santander acquired from Allianz.

The fifty investment funds of Allianz Popular Asset Management, with nearly 6.2 billion, according to the latest monthly advance by Inverco, have been deposited and guarded by Santander Securities Services. The manager of the Cantabrian bank, Santander Asset Management, will integrate Allianz Popular AM before the summer and the funds of one and the other will be merged throughout 2020.

To speed up this process, Santander has completely renewed the board of directors of Allianz Popular AM, putting in him several of the main directors of Santander AM, with Lázaro de Lázaro and Miguel Ángel Sánchez Lozano at the forefront. Too It has renamed the manager of the old ‘joint venture’ as Popular Asset Management, discarding the German brand.

In February, BNP Paribas Securities Services it also lost custody of Pictet's sicav to Santander Securities Services. With a business of more than 200 million, the Swiss private bank had agreed in 2015 with the defunct Popular Gestión Privada to manage these companies, as it had no local manager in Spain.

DEPOSITARY BUSINESS

Despite these two setbacks for BNP Paribas, the French group has more than made up for this by taking over the deposit business of Banco Sabadell for 115 million last week, a business that at the end of 2019 had 22,000 million in assets in custody. In addition, as Bolsamanía published, in December Deutsche Bank ceded to BNP Paribas the deposit of its sicav, with 260 million, and opened the door to the funds, so it could add another 760 million in custody, with figures at year-end previous.

The asset custody and custody business is concentrating on fewer players, but bigger ones. Without going any further, last spring Santander and Crédit Agricole signed a memorandum of understanding to combine their subsidiaries Santander Securities Services and Caceis in Spain, Brazil, Mexico and Colombia. For his part, Kutxabank has also sold its depository business to Cecabank in January, with a position of over 25,000 million among funds, pensions and EPSV.

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